Pandemic Attack On The Business World
Hello Dear Readers,How’s it going? Welcome back to another informational blog dedicated by SenzMate to enlighten you. Convincingly a contraction in the pandemic ,that has been shaking the world with terror, can be observed on the grounds that the recovery rates of the diagnosed are raising while death rates are diminishing, that have been accomplished through alternative medication system and prevention measures accommodated by different countries such as imposing curfews, lock down, tracking diagnosed software solutions, raising public awareness and many more.
Out of all the preceding prevention measures adapted by various countries, the actions taken by the countries’ governments that caused major impact both negatively and positively on people and country’s businesses would be “LOCK DOWN and CURFEWS”.
In the previous blogs prior to this, we discussed about prevention auxiliary by Senzmate’s ideology and various technological inventions brought forth by different countries to track down the diagnosed and the possibilities of those inventions to be implemented with SenzMate technology.
This article comprises a different pattern in scrutinizing the impact of covid-19 and takes a divergent to the former couple of blogs. It broadens to examine the impact of the pandemic, in the business perspective, due to the negative footprints it has placed in the business world, as a result of imposing curfew and lock down, regardless of how it has benefited the prevention of covid-19 infection by shelter in place.
INDUSTRIES IMPACTED BY THE PANDEMIC:
Tourism: The pandemic has the deepest foot mark on the tourism industry due unprecedented challenges faced as a result of lock down in many countries thus leading to a drop in the tourism revenue.
Hotels: Cancellation of approximately half a year of bookings due to lack of local people and tourist arrivals, which again another challenge faced due to lock down and curfew.
Hospitals: The industry which is a real concern especially in case of a viral outbreak would be hospitals but it also has its own challenges to face due to lock down leading to disruptions in the availability of medical equipment, medicines and medical kits while also facing closures of private clinics and unavailability to out patients thus further extending the crisis to cancellation of surgeries which were due in the times of outbreak hence reducing the revenue.
Agriculture: Taking into account about the collapse in the hoteliers alongside food and beverages sector, the agriculture industry is facing its tremor by its significant fall in demand. While further worsening the situation since global lock down enforcing cutback in the demand for exported agricultural products along with causing agriculture essentials shortages such as imported fertilizers, pesticides, planting materials and chemicals and reduced availability of workers in order to execute formal agricultural activities.
Supply-Chain: Furloughed labors and inadequacy of raw materials leading to the reduction in production while causing disruption in supply chain aroused by lock down.
Finance Companies: Vulnerable growth in the country’s economics curbing demand for credit, inducing higher credit loss provisions. Simultaneously lending interest rate reductions and insurance payments delays are also experienced due to current country status.
Apparel: Orders are being withdraw by brands, cancellation of products which was already in the process of production and products that have already undergone shipment, unable to be moved due to lock down.
Transport: A restriction in this particular industry have been the cause for few of the other broken industries due to lock down and curfew such as tourism, hotels,etc. Whilst also facing fall in demand and revenue of its own due to closure of the airline industry and other local travel by means of private and public transportation reduction.
Education: Government commands on closure of schools and universities until further notice inclusive of private tuition and private educational institutions creating interruptions in students academics especially Advanced Level and Undergraduates besides lagging the semester payments for the private educational sectors which would further delay payments of tutors and so on.
Entertainment: Throughout the whole the country all entertainment spots (film theaters, zoos, malls, parks, etc.) has undergone a state of closure as well, until further notice given by the government thus resulting in lose of income to the owners while also having a risk of being in closure even after a controlled Corona situation, due to its capacity of being an increased contaminated place as a result of being the frequently visited sites by larger crowds.
Stock Market: Observing the Colombo stock market All Share Price Index (ASPI) has reached it’s lower values. While current global financial market’s position, has afflicted Sri Lankan Foreign Investments. Additionally the outstanding stock of T-bills and T-bonds held by foreigners have also been reduced.
Import and Export: Loss of imports due to lock down have greatly affected countries. A wide range of imported goods such as machinery and appliances, fabrics, cotton, iron and steel, plastics, etc are more prone to be affected by the cause of shipment delay as a result of factory shutdown and transport restraint.
Construction: The measure of burden imposed in this business sector is high and the prime reason would be due to lock down and curfew causing furloughed labor thus, leading to lack of workforce to finish the ongoing projects on time hence reducing revenue to the industry.
Above mentioned are only a handful of industries that have met with the highest probability in revenue loss in this prevailing calamitous situation but there are yet more business sectors which looking forward to face a drastic loss.
The intention of this blog is to create an awareness about all the problems different industries could face now and after the pandemic, therefore you who are reading this blog right now and owing a business could take a moment to categorized the problem you are more like to face down this road and formulate plans to face your challenges and overcome them with complete succession.
It’s time to stand firm and make a revolution in your firm amid lock down.
PLAN SMART AND AU REVOIR for now!!!😃💻
